Wynyard sets shares at $1.15

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Corruption-fighting software company Wynyard Group, an offshoot of Jade Corporation, has set the price of its shares at $1.15, the bottom end of its indicative range.

The price for the new shares in the $65 million offer of shares to the public was set by bids from institutional investors for them. Wynyard said 10 days ago the indicative share price would be between $1.15 and $1.65. The offer opens on Monday, June 24, and closes on Friday, July 12. Wynyard is scheduled to start trading on the NZX on July 19.

The company was separated from Jade this year and is a specialist in intelligence software for protection from threat, crime and corruption.

Wynyard said in its prospectus that of the $65m to be raised, $25.8m would be used for its growth strategy.

Another $23.6m would be paid to Jade and subsidiaries for intellectual property rights and $10m would be used to pay intercompany debts when Wynyard was part of Jade. There would be no dividends for the forseeable future.

The prospectus says it is making losses and expects to make a loss in 2013 and 2014. That reflected the substantial amount of investment needed to enter new markets.

Wynyard Group managing director Craig Richardson said the company was pleased with the support from institutional investors and retail broker firms in New Zealand.

The new capital aimed to speed Wynyard's international growth strategy and meet the growing demand for its risk management, investigations, intelligence and digital forensics software.

The company had a blue- ribbon global customer base and recently signed a long- term contract with the New Zealand Police for its Wynyard Investigator product, which was used internationally by more than 50 agencies ranging from the Australian Federal Police to specialist operations in the United Kingdom and Asia.

Richardson said the company was an emerging industry leader with an experienced board, management team, and renowned industry advisory team. It had more than 120 staff across six regions with staff numbers set to grow to 152 by the end of 2014.